Lotte Food-Kyowon Group Sign Business Agreement to Discover Future Growth Engines

At the agreement ceremony held on the 17th at Kyowon Group Nokjiwon located in Yongsan-gu, Seoul, Jang Dong-ha, Head of Planning and Coordination Office at Kyowon Group (left), and Lee Jin-sung, CEO of Lotte Food, are taking a commemorative photo.

[Asia Economy Reporter Seungjin Lee] Lotte Food and Kyowon Group announced on the 20th that they have signed a Memorandum of Understanding (MOU) for a strategic business partnership.

The signing ceremony, held on the 17th at Kyowon Group Nokjiwon located in Yongsan-gu, Seoul, was attended by key representatives from both sides, including Jinseong Lee, CEO of Lotte Food, and Dongha Jang, Head of Planning and Coordination Office at Kyowon Group.

Through this MOU, Lotte Food and Kyowon Group agreed to build a mutually sustainable cooperative relationship by ▲discovering joint projects for future growth engines ▲promoting joint online and offline marketing ▲jointly developing products and services to expand consumer targets.

First, they plan to carry out various collaborative projects using marketing channels secured by each party, including promotional activities for Kyowon Red Pen through offline stores operated by Lotte Food such as Pasteur Milk Bar. They are also preparing a new concept subscription service combining Kyowon Wells’ plant cultivation device Wells Farm with Lotte Food’s meal kits and home meal replacement (HMR) brand 'Chef Food.'

Both companies expect great synergy from collaboration as they secure common customer groups in their respective fields of education, infant food, and baby food sales. They have been in discussions since June to finalize the MOU and will manage progress on a monthly basis to ensure effective cooperation.

Dongha Jang, Head of Planning and Coordination Office at Kyowon Group, said, “Building a close collaboration model across all business areas is a first for Lotte Food, and we look forward to the synergy that will be created. Through collaboration focusing on the strengths and resources of both companies, we will provide customers with differentiated experiences and continue a sustainable business relationship where both companies can grow together.”

Jinseong Lee, CEO of Lotte Food, said, “The combined experience of both companies, which have achieved results in different fields, will enable us to provide products and services that enrich customers’ lives. We will boldly expand cooperation across all areas of business.”